Status

Add To My Favorites | print page

AB-696 Bergeson-Peace Infrastructure and Economic Development Bank Act.(2011-2012)

Senate:
1st
Cmt
2nd
Cmt
2nd
3rd
Pass
Assembly:
1st
Cmt
2nd
Cmt
2nd
3rd
Pass
Cmt
Pass
Veto
Bill Status
AB-696
Hueso (A)
-
-
Bergeson-Peace Infrastructure and Economic Development Bank Act.
03/20/11
An act to amend Section 63041 of, and to add Sections 63024.6 and 63034.7 to, and to repeal Section 63040 of, the Government Code, relating to economic development.
Assembly
09/09/11
06/28/11

Type of Measure
Inactive Bill - Vetoed
Majority Vote Required
Non-Appropriation
Fiscal Committee
Non-State-Mandated Local Program
Non-Urgency
Non-Tax levy
Last 5 History Actions
Date Action
10/05/11 Vetoed by Governor.
09/14/11 Enrolled and presented to the Governor at 3 p.m.
09/07/11 Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 53. Noes 26. Page 2968.).
09/06/11 From committee: That the Senate amendments be concurred in. (Ayes 4. Noes 2.) (September 6).
09/06/11 Joint Rule 62(a), file notice suspended. (Page 2885.)
Governor's Veto Message
To the Members of the California State Assembly:

I am returning Assembly Bill 696 without my signature.

This bill, among other things, requires the state Infrastructure Bank (I-Bank) to create a methodology to measure the economic development benefits of projects for both public and private applicants.

Local government applicants already must make findings that their project promotes economic development and long-term employment. Requiring the I-Bank to speculate on the project's benefits is a costly addition to the application process.

Private entities obtain approval from a bond underwriter before federal law allows the state to issue tax-free bonds using its bonding authority. The state has no financial stake or risk in these transactions. Consequently, there is no reason to incur the expense of calculating economic benefits for the transactions of private entities.

Sincerely,



Edmund G. Brown Jr.